Noble: 64.5% owned Gloucester Coal has announced a substantial upgrade of its Monash Coal resources and CLSA has also initiated a Outperform on Gloucester Coal with TP A$8.10. Total JORC coal resources up from 287mt to 577mt a 101.0% increase. Measured and indicated resources have also increased from 13mt (indicated) to 100 mt (measured and indicated). Gloucester Coal closed at A$7.19 yday.
Noble has also bought back its shares for the 3rd consecutive day with 8.5m purchased yday for a total of 33.9m shares over the 3 days. Noble’s chairman Mr Elman also bought 10m shares on the day after the poor results. Noble is trading at 11.3x fwd P/E
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